3 min readOIL (WTI/USD | BRENT):
In my report on OIL last week, I expressed interest in how price action would behave within the areas of interest I highlighted. As shown, a basic tool like the Fibonacci retracement, specifically the key 50% level, can be effectively used in your trading strategy to identify opportunities. The price moved into that zone, which aligns closely with the previous support area that failed to hold and is now acting as resistance.
Looking ahead, there are no indications on the RSI that the price is “oversold.” I’m interested to see how the price action unfolds throughout the rest of the week, particularly how it responds to the support level around $66.50.
Author
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The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.
